HomeMy WebLinkAboutResolutions - 2009.04.23 - 9675a•—•-•
MISCELLANEOUS RESOLUTION #09079 April 23, 2009
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: MANAGEMENT AND BUDGET/WATER RESOURCES COMMISSIONER —
BLOOMFIELD VILLAGE CSO DRAINAGE DISTRICT, REFUNDING
BONDS, SERIES 2009 — FULL FAITH AND CREDIT RESOLUTION
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS, the Bloomfield Village CSO Drainage District
previously has issued its Refunding Bonds, Series 2001B, dated
August 1, 2001 (the "Prior Bonds"), in the original principal
amount. of $7,830,000, and this Board of Commissioners pledged the
full faith and credit of the County of Oakland for the prompt
payment of the principal and interest on the Prior Bonds; and
WHEREAS, the Drainage Board for the Bloomfield Village CSO
Drain, by resolution adopted on March 24, 2009, authorized and
provided for the issuance by the Bloomfield Village CSO Drainage
District of its Refunding Bonds, Series 2009 (the 'Refunding
Bonds") in the aggregate principal amount of not to exceed
$5,200,000 to refund the Prior Bonds maturing in the years 2010
through 2016; and
WHEREAS, the Refunding Bonds will be dated as of such date,
will bear interest at such rates not to exceed 6% per annum, will
be in the aggregate principal amount, will mature in such years and
principal amounts, and will be subject to redemption prior to
maturity as shall be determined by the Chairoerson of the Drainage
Board at the time of sale; and
WHEREAS, the Drainage Board deems it advisable and necessary
to obtain from this Board a resolution pledging the full faith and
credit of the County of Oakland (the "County") for the payment of
the principal of and interest on the Refunding Bonds; and
WHEREAS, it is in the best interest of the County that the
Refunding Bonds be sold in order to achieve debt service savings
for the City of Birmingham, City of Bloomfield Hills, the Charter
Township of Bloomfield and the County of Oakland.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE COUNTY OF OAKLAND, MICHIGAN, as follows:
Pursuant to the authorization provided in Section 474 of
the Drain Code of 1956, as amended, the Board of Commissioners of
the County hereby pledges irrevocably the full faith and credit of
the County for the prompt payment of the principal of and interest
on the Refunding Bonds and agrees that, in the event the City of
Birmingham, City of Bloomfield Hills or the Charter Township of
Bloomfield shall fail or neglect to account to the County Treasurer
of the County for the amount of any special assessment installment
FINANCE COMMITEE
Motion carried unanimously on a roll call vote.
and interest when due, the amount thereof shall be advanced
immediately from County funds, and the County Treasurer is directed
to make such advancement to the extent necessary.
2. In the event that, pursuant to the pledge of full faith
and credit, the County advances out of County funds all or any part
of an installment and interest, it shall be the duty of the County
Treasurer, for and on behalf of the County, to take all actions and
proceedings and pursue all remedies permitted or authorized by law
for the reimbursement of such sums so paid.
3. The County Executive, if nece5sary, is authorized to
file with the Department of Treasury of the State of Michigan on
behalf of the County an Application for State Treasurer's Approval
to Issue Bonds with respect to the Refunding Bonds.
4. The County Executive is authorized to approve the
circulation of a preliminary and final official statement for the
Refunding Bonds, to cause the preparation of those portions of the
preliminary and final official statement that pertain to the
County, and to do all other things necessary for compliance with
Rule 15c2-12 issued under the Securities Exchange Act of 1934, as
amended (the "Rule"). The County Executive is authorized to
execute and deliver such certificates and to do all other things
that are necessary to effectuate the sale and delivery of the
Refunding Bonds.
5. The County Executive is hereby authorized to execute and
deliver in the name and on behalf of the County (i) a certificate
of the County to comply with the requirements for a continuing
disclosure undertaking of the County pursuant to subsection b) (5)
of the Rule and (ii) amendments to such certificate from time to
time in accordance with the terms of such certificate (the
certificate and any amendments thereto are collectively referred to
herein as the "Continuing Disclosure Certificate"), The County
hereby covenants and agrees that it will comply with and carry out
all of the provisions of the Continuing Disclosure Certificate.
The remedies for any failure of the County to comply with and carry
out the provisions of the Continuing Disclosure Certificate shall
be as set forth therein.
Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing resolution.
FINANCE COMMITTEE
Resolution #09079 April 23, 2009
Moved by Zack supported by Capella the resolutions (with fiscal notes attached) on the Consent Agenda
be adopted (with accompanying reports being accepted).
AYES: Burns, Capello, Douglas, Gershenson, Gingell, Gosselin, Greimel, Hatchett, Jackson,
Jacobsen, Long, McGillivray, Middleton, Nash, Potter, Potts, Schwartz, Scott, Taub, Woodward,
Zack, Bullard, (22)
NAYS: None (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
Y APPROVE THE FOREGOING RESOLUTION
ACTING PURSUANT TO 1973 PA 19
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Ruth Johnson, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true
and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on April 23,
2009. with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 23rd day of April, 2009.
Ruth Johnson, County Clerk